reported a near 25% decline in third-quarter profit, citing unfavorable weather and a "continuing decline in regular soft drinks," but still beat Wall Street expectations.
The bottler reported net income of $207 million, or 44 cents a share, vs. $259 million, or 56 cents a share, a year ago. Revenue slipped 1% to $4.7 billion.
The company forecast full-year 2004 EPS of $1.26 to $1.30, excluding a 5-cent item in its second quarter.
The consensus estimates are 38 cents and $1.26 a share, respectively.
"We faced challenging business conditions during the quarter in both North America and Europe, including a combination of a soft retail environment; cool, wet weather; and a continuing decline in regular soft drinks," the company said.
Shares ended at $ 18.89 yesterday, near their intraday 52-week low.